I have been trying to upgrade my jailbroken iphone 4 running iOS 4.1 to iOS 5.0.1. I have been using tiny umbrella to save my shsh blobs after each upgrade came out so I do have shsh blobs saved for iOS 5.0.1. I used redsn0w to create a no bb 5.0.1 ipsw.
So here are the steps I am using to restore:
1. I use redsn0w to put my phone in prawned DFU.
2. I start tiny umbrella and TSS server.
3. I start iTunes 10.6 and hold shift and click restore
4. I select the no bb 5.0.1 ipsw file
5. iTunes prepares for restore, then I get ERROR 11.